Since early year oil production in Azerbaijan decreased by 200,000 tons
From January to April 2014 Azerbaijan extracted 14.1 million tons of oil and condensate, reported the Azerbaijan State Statistical Committee.
According to the Committee, production of liquid hydrocarbons in Azerbaijan decreased by 200,000 tons (about 1.5 million barrels) or by 1.4%.
This year the government’s forecast of oil and condensate production is 40,974,300 tons. During 2013 the country has produced 43,083,300 tons. Reduction by almost 2 million tons of oil has been forecasted, because of the repair of two production platforms, which are involved in production on the Azeri-Chirag-Guneshli (ACG) contract area for 3-4 weeks. This will happen in the second half of this year.—0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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